World Bank Official Calls for Global Cooperation on AI Governance to Avoid Leaving Developing Countries Behind

On October 19, Zhang Wencai, Managing Director and Chief Administrative Officer of the World Bank, said at the 2026 Bund Summit that AI can expand financial inclusion, but it must be deliberately designed to achieve this goal.

Zhang noted that many micro, small, and medium-sized enterprises in emerging markets lack credit histories, collateral, reliable identities, and brands, making it difficult for them to access financing. AI can leverage multiple data sources to lower the cost of serving small customers and accounts, and can also provide services in local languages, helping broaden financial access.

He described the current moment as the best time to discuss AI governance in finance. According to a World Bank survey, only 11 percent of financial regulators in emerging markets are using AI-enabled supervisory tools, and about 50 percent of institutions report that they lack sufficient personnel and tools to carry out effective supervision. Zhang stressed that if action is taken now, developing countries do not have to remain passive recipients; they can more actively shape and benefit from AI development.

Looking at the next one to two years, Zhang emphasized that critical decisions on AI use and governance are ahead. He called for stronger global cooperation and coordination, especially on AI governance standards, with all countries working together to contribute to common frameworks.